Life Insurance Portland, OR
Studies show that 30% of Americans carry no life insurance. If you were to pass away unexpectedly, how would your loved ones pay for monthly expenses without your income? If you are shopping for life insurance in the Portland, OR area, look no further than Schmidt Insurance Group for excellent products and service.
Top 5 Reasons to Buy Life Insurance
Life insurance is an agreement between you and a life insurance company that, in exchange for paying them monthly or quarterly premiums, agrees to pay your beneficiary a set amount of money in the event of your death.
Life insurance can pay for funeral expenses and medical bills, cover monthly expenses like rent and mortgage payments, pay off debts like credit card bills, pay for your child’s future education, and cover other expenses that might come up after you pass away.
We’ve provided five good reasons to consider buying life insurance.
Cover Burial Expenses
Today, the average traditional funeral will likely cost between $7,000 and $10,000. You could make pre-paid arrangements with a funeral home, but most people don’t think that far ahead. Life insurance is a great way to protect your loved ones from big expenses after you are gone,
Pay Off Debt
There is no guarantee that your debts will disappear when you die, and leaving your loved ones to deal with an outstanding mortgage, credit cards, car loans, student loans, or other debts can create a financial hardship when you pass away. Life insurance can help those you leave behind take care of any lingering financial responsibilities.
Pay for your Child’s College Education
There are a variety of ways to save money for your child’s education. A permanent life (whole life or universal life) insurance policy is one way to help pay the tuition. You could borrow against the cash value through policy loans to supplement your college funding strategy when needed.
Build Cash Value
Term life insurance provides protection for a set period of time, or a “term.” But another option, whole, or “permanent,” life insurance lasts for a lifetime (as long as you pay the required premiums). From each payment you make, a portion is set aside in an investment account and becomes your policy’s “cash value.” You can borrow money against the policy’s cash value, often at a favorable rate, or surrender the policy to collect the cash if you have a financial emergency down the road.
Pay Estate Taxes
As of 2019, if your estate is worth more than $11.4 million (or $22.8 million for married couples) when you die, your heirs will likely owe estate taxes and inheritance taxes on the assets you leave behind. Purchasing a life insurance policy can help cover the costs and leave your estate intact.
No one can predict the future, but having life insurance will give you and your loved ones peace of mind. The Schmidt Insurance Group team can help you navigate all available options. If buying life insurance is on your wish list in Portland, OR, let us help you choose the best coverage. Stop in today and introduce yourself, or give us a call at (503) 206-0881 to learn more.
